August 19, 2022

RSM US Took Its Revenue to a New Level in 2022

That level being $3 billion—a first in the firm’s 96-year, multinamed history. In its 2022 annual report, which was released earlier this week, RSM US noted that its revenue for the year ending April 30 was $3.3 billion ($3,310,265,000 according to INSIDE Public Accounting), a 15% increase over its 2021 revenue of nearly $2.9 billion. […]

Only One Big 4 Firm Made This Top 100 Internship Programs of 2022 List, You’ll Never Guess Who

DEI and Early Talent Recruitment platform provider Yello has released its sixth annual Top 100 Internship Programs List to highlight “companies across all industries who have gone above and beyond for their interns.” This year’s winner is Boeing with the remaining 99 on the list unranked. Companies nominate themselves for consideration and the anonymized judging […]

The New IRS Recruiting Brochure is WILD

Remember how the military tried to recruit Call of Duty players to be drone pilots? Maybe the IRS can take a page from their book and convince young people there is first-person fun to be had bum-rushing naughty taxpayers’ homes. This isn’t actually from a recruiting brochure, you guys.

How Many CPAs Are There in the United States?

669,130. That’s how many licensed CPAs there are in the United States as of August 24, 2021 per NASBA. This only counts CPAs in 54 of the 55 licensing jurisdictions, Hawaii is not included in the data. Nearly 20 years ago, the number of licensed CPAs was 639,628 (2003) and 646,520 by 2006. Interestingly, the […]

Number of the Day: $103,880

This is the salary Gen Z undergrads expect to earn in their first job right out of college, according to a recent survey by Real Estate Witch. The survey goes on to say: The average starting salary for recent graduates is $55,260, but students expect to earn almost double that — $103,880 — one year out of […]

Returning to the Office? Don’t Get Fat! (Again)

Creating the perfect mom/dad bod takes time. My dad bod developed after years of slouching in an office chair, ignoring exercise, and eating and drinking pretty much everything in sight. By the ripe-old age of 35, my once bulging biceps migrated to my backside and my powerful pecs placidly plunged to meet and merge with […]

Where TF Is the IRS Supposed to Find 87,000 Agents?

While various factions bicker over the Inflation Reduction Act, we have one question: where is the IRS supposed to find 87,000 agents!? In case you haven’t heard or seen your aunt sharing Impact font memes about it, Senate Democrats want to throw some cash at the IRS (among other things not getting into here): The […]

Monday Morning Accounting News Brief: PwC Gets Fined; Big 4: What’s the Scam?; The IRS Straps Up | 8.8.22

Across the pond, PwC has been fined $2.12 million after the firm failed to properly challenge UK telecom group BT once a half-a-billion pound fraud was discovered in BT’s Italian operations: “The sanctions imposed in this case, where certain elements of the adjustments following a fraud were not subject to the required level of professional […]

Spreadsheets Suck, Say Clients

We all have that one friend whose door is always open to us. This person has been with you through all the ups and downs, and uneventful middle parts between. You trust this person because they’ve never let you down, their advice is always solid. What if clients thought of you as that friend? What […]

What Would You Like to See Tested on the CPA Exam?

With the completely redesigned CPA exam only 514 days away, there’s been a lot of discussion around the proposed Blueprints and questions about whether or not this content aligns with CPA Evolution’s stated goal of maintaining the relevance of the CPA credential. That is as yet an open-ended discussion but in the meantime, saw this […]

A Petition to Fire SEC Chair Gary Gensler Has Almost 25,000 Signatures

“Al from Boston” and 23,919 other individuals would like to see SEC Chairman Gary Gensler gone, namely for obstruction of justice, incompetence, and screwing over retail investors. From the change.org petition: SEC Chairman Gary Gensler is complicit in criminal activities perpetrated by Citadel Securities, Citadel the Market Maker in naked short selling and dark pool […]

Compensation Watch ’22: Were Raises at RSM US Sketchy or No?

The 2022 comp thread for RSM US is out on r/accounting, and it’s pretty meaty—just like the Omaha Steaks the firm’s been giving to employees. Also meaty was RSM’s revenue for its 2022 fiscal year, which according to Accounting Today’s 2022 Top 100 Firms ranking, was $3.13 billion, up nearly 11% from 2021’s result of […]

Happy 125th Birthday, KPMG!

Today is August 2 and KPMG is turning 125! Way to prove the naysayers wrong as they pointed and jeered and insisted that we’d be down to just three Big 4 firms by the end of the 2010s. YOU GO, KPMG. Don’t listen to those haters. There’s a press release because of course there is: […]

Is It Time To Break Up With Your Big 4 Firm? A Quiz

Some of you are familiar with the ubiquitous Cosmopolitan Magazine quiz and for those of you who aren’t, well, sorry you’ve never quantified your sex life using a five question quiz developed by some sassy intern. Today we’ve got one of our own. Is It Time To Break Up With Your Big 4 Firm? Pick […]

PwC’s Summer Break Works, Says Tim Ryan

From a recent CNBC article on company-wide vacation breaks to foster employee well-being: Feeling revitalized is what many employees and their employers both want. Starting this year, accounting and consulting firm PwC is giving its 60,000 U.S. employees two annual company-wide, week-long breaks — one in July and one in December — in addition to […]

Is It Time to Renovate Your Practice?

Remember those home renovation reality shows that were all over the place in the 2010s? The formula was always the same: find the jankiest, most run-down home on the market, gut it, and somehow end up with a beautiful property that more than made up for the renovation costs upon sale. The “before” homes are […]

a golf ball branded with accounting firm BDO's logo

BDO USA Had a Pretty Good 2022 Revenue-Wise

One year after cracking $2 billion in revenue for the first time, BDO USA added another 25% to that total during its fiscal year 2022 which ended on April 30. BDO reported revenue of $2,490,400,000 in 2022, up from $2,000,300,000 in 2021. It’s the 10th year of revenue growth under CEO and leader of the […]

Deloitte Has Calculated the Tangible and Intangible Value of the Roman Colosseum Because of Course They Did

Deloitte got their calculators out and put a dollar value on The Colosseum of Rome, the largest amphitheater built during the Roman Empire, the largest standing amphitheater in the world today, and top Italian tourist destination. Despite listening to Tiziano Ferro for 20 years, my Italian sucks so here’s Google’s translation of the newly released […]

Deloitte Is Getting a Service Doggo!

We are putting aside our usual bitterness toward Big 4 firms for a moment here because PUPPY. Deloitte is getting a dog! We’re excited to share that @deloitte is getting another #puppywithapurpose 🐶💪– deepening our commitment to #veterans and their families. Before our puppy officially joins – he needs a name! Naming contest is open […]

KPMG UK Somehow Won’t Be Getting a Record Fine From the Financial Reporting Council For Carillion Mess (UPDATE)

[UPDATE] The Queen’s KPMG was finally, officially fined £14.4 million by the Financial Reporting Council earlier this morning for all the stupidity that happened during the 2016 audit of collapsed construction and services company Carillion, as well as for the mistakes that occurred in its 2014 audit of IT software company Regenersis. KPMG UK and […]

Monday Morning Accounting News Brief: EY Sucks at Auditing; Accounting Headaches; KPMG Partner Banned | 7.25.22

Some headlines to get you started on this fine Monday: KPMG partner banned from accounting after misleading regulator over Carillion. KPMG fined £14.4 million after the firm admitted to providing false and misleading information to its regulator during spot checks on audits of construction firm Carillion and outsourcing firm Regenersis. The spread of ESG labels […]

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Friday Footnotes: New Managers Share Wisdom; KPMG Praised??; PwC Creeps Leave | 7.22.22

What new managers wish they’d known [Journal of Accountancy] “Having responsibility doesn’t mean I can’t be a little firm with my team. I learned how to say ‘no.’” Three PwC staff leave firm after ‘rating women’ scandal [Australian Financial Review] Three PwC staff members who allegedly attended male-only events where they rated the attractiveness of […]

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Canadian Accounting Firms Are Getting Rid of Bonuses So They Can Pay More?

CPA Canada has shared some Canadian accounting firm hiring trends worth keeping an eye on. Among them? Ditching bonuses. Despite their longtime presence in the traditional CPA compensation package, bonuses are being abandoned in some firms, notes Adele Harraway, managing partner, Canadian Accounting Consultants, which specializes in CPA recruitment. Instead, firms are upping the starting […]

EY Is Leaving $10 Billion in Consulting Fees On the Table If It Doesn’t Split, Says Global Chairman Carmine Di Sibio

In comments to Financial Times, EY Global Chairman and CEO Carmine Di Sibio says splitting consulting and audit “would win its consulting division up to $10bn in extra fees by liberating it from conflicts of interest that block partnerships with the world’s largest tech groups.” Those consulting fees are as yet out of EY’s reach […]

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Crisis in the Profession: Interns Aren’t Learning SALY?!?

If true this could shatter the entire financial system! We knew training has suffered due to remote work, spread out teams, and Covid stress over the past few years but not even learning SALY? Don’t want to think what this could do to the audit profession if it spreads. Hopefully this is just an isolated […]

A Labor Shortage in Singapore Is Forcing Big 4 Firms to Cough Up Higher Salaries

Picture it. Singapore. 2022. Bloomberg reports: The Big Four accounting firms are showering staff with pay increases in Singapore, where an acute labor shortage is driving a fierce contest for talent. PricewaterhouseCoopers LLP and Deloitte LLP lifted base salaries starting from July 1, according to internal documents from the two firms reviewed by Bloomberg News. […]

Monday Morning Accounting News Brief: Grant Thornton’s ‘Serious Failings’; PwC Won’t Split; IRS Zoom Calls? | 7.18.22

In an interview with the Financial Times, PwC’s Bob Moritz said that keeping audit and advisory arms together was essential to attract staff and that the benefits of the model outweighed the difficulty of managing the risk of conflicts of interest between the two divisions. Are accounting firms walking back remote work? Fire at a […]

Friday Footnotes: Sleazy PwC Partner Leaves; No You Can’t Claim a Boob Job; PCAOB Scholars | 7.15.22

PwC partner accused of rating female staff leaves firm [Australian Financial Review] A PwC partner who allegedly held male-only events with colleagues where they rated the attractiveness of women in their office and visited strip clubs has left the firm. Audit watchdog to overhaul UK corporate governance code [Financial Times] The UK’s corporate governance code […]

CPA Firms That Referred Clients to Alliantgroup Have Been Subpoenaed, Asked to Turn Over 11 Years of Client Data

On May 20 the Houston headquarters of R&D tax credit consulting firm Alliantgroup was raided by the IRS, in the weeks since we’ve had plenty of speculation about the whys and we’ve heard countless accounts from current and former Alliantgroup employees about the “evil, toxic, and emotionally damaging company” that employed them. We’ve now learned […]

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Are ‘Strong Leadership, Agile Working, and a People-Centric Value Proposition’ on Your List of Must Haves at Work?

UK businesses within the accounting industry are understaffed by 22% and leaders everywhere are busy telling each other the things accounting professionals — particularly the younger generation — are hungry for at work. Fewer hours? Better money? Not getting scammed out of accrued PTO with a switch to “unlimited” vacation? NAH. What we really need […]

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Friday Footnotes: PwC Partner$; The Ketamine Accountant; Deloitte Mexico Missed Some Stuff | 7.8.22

Wirecard’s former top accountant admits forging documents for KPMG special audit [Financial Times] Wirecard’s ex-head of accounting has admitted to forging documents requested by KPMG during a special audit, ahead of a trial that is set for later this year, according to people familiar with the matter. Stephan von Erffa is one of three defendants […]

Accountants Behaving Badly: Kickback Schemes, Hiding Money From the IRS, Embezzlement Spree

Plus, Pennsylvania accountant loves tax evasion, North Carolina CPA indicted on securities fraud charge, and Kentucky accountant gets jail time for sex trafficking. Accountant sentenced to prison for role in doctor-bribery scheme [Press-Telegram] George Hammer—an accountant who enabled the owner of a hospital in Long Beach, CA, to pay more than $40 million in illegal […]

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Big 4 Conflicts of Interest Are in Regulators’ Crosshairs, EY Tops the Independence Naughty List

There’s a story in the New York Times today about how EY “devised an elaborate arrangement” for nonprescription drugmaker Perrigo to avoid more than $100 million in taxes, an arrangement that was questioned by Perrigo’s then-auditor BDO. Perrigo did what any reasonable tax-avoiding nonprescription drugmaker would do and dropped BDO for EY, hence totally resolving […]